The Atlanta Spirit, in the process of negotiating a deal to sell the Thrashers, also is “in talks about a possible separate sale” of the Hawks, who “would remain in Atlanta,” according to Tim Tucker of the ATLANTA CONSTITUTION. Sources said that the Spirit and Padres Chair John Moores are “in an exclusive negotiating period regarding the Hawks and the Philips Arena operating rights.” But the sources said that a deal “is not close and that it’s far from assured one will get done.” Moores is “not believed to be involved in sales talks regarding the Thrashers.” Having provided “exclusive negotiating rights on the Hawks, the Spirit apparently is not in position -- at least for now -- to package the basketball and hockey teams to a single buyer.” The ownership group declined to “publicly discuss specific potential purchasers,” and "repeatedly has said that no buyer has demonstrated serious interest and the requisite financial ability to make a deal for both franchises together." Tucker notes if the Hawks are “sold, some of the current owners likely would retain minority stakes in the franchise.” Unlike the Thrashers, the Hawks “are in no danger of leaving Atlanta.” The agreement with the city and Fulton County on the bonds that funded the construction of Philips Arena states the Hawks “have agreed to play all of (their) regular season and playoff NBA home games” in the arena “for as long as the (bonds) are outstanding.” The bonds are “scheduled to be paid off in 2028” (ATLANTA CONSTITUTION, 5/18).
SEEING RED: In Detroit, Bill Shea cited sources as saying that the Pistons “have been losing money and have been borrowing cash to meet operating expenses -- debt that will be assumed by new owner Tom Gores.” It is uncertain “how much the team has borrowed and how far it is in the red.” NBA Senior VP/Marketing Communications Mike Bass “declined to comment on the details of the Pistons’ situation” (CRAINSDETROIT.com, 5/17).
